The Hindu Business Line : LVB hikes RFC $ deposit rates

While increasing the interest rate on RFC $ deposit for tenure of less than six months, the Karur-based Lakshmi Vilas Bank has reduced the interest rate on NRE and FCNR (B) deposits across all slabs with effect from August 1.

The RFC $ deposit with a tenure of one month to less than six months would fetch interest of 5.15 per cent (5.10 per cent). For tenures ranging between six months to one year and beyond, the rate has slipped to 5.30 per cent.

The NRE Term deposit rate has fallen by 0.20 basis points to 6.50 per cent (6.70 per cent) for deposits maturing between one and two years and by 0.30 basis points for deposits maturing between two and three years and beyond to 6.40 per cent (6.70 per cent). The FCNR (B) deposit rate has been slashed to 5.54 per cent (5.69 per cent) for deposits in the 1-2 year time-band, to 5.44 per cent (5.69 per cent) for deposits maturing between two and three years.

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